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Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities Recognized in the Balance Sheets Measured at Fair Value on Recurring Basis

The following table presents the fair value measurements of assets and liabilities recognized in the accompanying balance sheets measured at fair value on a recurring basis and the level within the ASC 820-10 fair value hierarchy in which the fair value measurements fall at December 31, 2020 and 2019.

												Fair Value Measurements Using:
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
December 31, 2020						Fair Value						(Level 1)						(Level 2)						(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities						$	2,430					$	—					$	2,430					$	—
State and municipal						1,257,885						—						1,255,441						2,444
U.S. Government-sponsored mortgage-backed securities						654,669						—						654,665						4
Corporate obligations						4,135						—						4,104						31
Interest rate swap asset						74,335						—						74,335						—
Interest rate swap liability						76,353						—						76,353						—

												Fair Value Measurements Using:
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
December 31, 2019						Fair Value						(Level 1)						(Level 2)						(Level 3)
Available for sale securities:
U.S. Government-sponsored agency securities						$	38,875					$	—					$	38,875					$	—
State and municipal						899,796						—						896,938						2,858
U.S. Government-sponsored mortgage-backed securities						851,323						—						851,319						4
Corporate obligations						31						—						—						31
Interest rate swap asset						27,855						—						27,855						—
Interest rate swap liability						29,299						—						29,299						—

Reconciliation of Beginning and Ending Balances of Recurring Fair Value Measurements Recognized in the Balance Sheets using Significant Unobservable Level 3 Inputs

The following is a reconciliation of the beginning and ending balances of recurring fair value measurements recognized in the accompanying balance sheets using significant unobservable Level 3 inputs for year ended December 31, 2020 and 2019.

			Available for Sale Securities
			For The Year Ended
			December 31, 2020						December 31, 2019
Beginning Balance			$	2,893					$	3,328
Included in other comprehensive income			16						80
Principal payments			(430)						(515)
Ending balance			$	2,479					$	2,893

Description of Valuation Methodologies Used for Instruments Measured at Fair Value on a Non-Recurring Basis and Recognized in the Balance Sheets

Following is a description of valuation methodologies used for instruments measured at fair value on a non-recurring basis and recognized in the accompanying balance sheets, as well as the general classification of such instruments pursuant to the valuation hierarchy for year ended December 31, 2020 and 2019.

												Fair Value Measurements Using
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
December 31, 2020						Fair Value						(Level 1)						(Level 2)						(Level 3)
Impaired Loans (collateral dependent)						$	37,250					—						—						$	37,250
Other real estate owned						$	544					—						—						$	544

												Fair Value Measurements Using
												Quoted Prices in Active Markets for Identical Assets						Significant Other Observable Inputs						Significant Unobservable Inputs
December 31, 2019						Fair Value						(Level 1)						(Level 2)						(Level 3)
Impaired Loans (collateral dependent)						$	5,653					—						—						$	5,653
Other real estate owned						$	194					—						—						$	194

Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements Other than Goodwill

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements, other than goodwill, at December 31, 2020 and 2019.

December 31, 2020

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

$

2,444

Discounted cash flow

Maturity Call Date US Muni BQ curve Discount rate Weighted-average coupon

1 month to 15 years A- to BBB- 1.5% - 4% 3.88%

Corporate obligations and U.S. Government-sponsored mortgage backed securities

$

35

Discounted cash flow

Risk free rate plus Premium for illiquidity Weighted-average coupon

3 month LIBOR plus 200bps 0%

Impaired loans (collateral dependent)

$

37,250

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability Weighted-average discount by loan balance

0% - 10% (6%)

Other real estate owned

$

544

Appraisals

Discount to reflect current market conditions Weighted-average discount of other real estate owned balance

0% - 30% (26%)

December 31, 2019

Fair Value

Valuation Technique

Unobservable Inputs

Range (Weighted-Average)

State and municipal securities

$

2,858

Discounted cash flow

Maturity Call Date US Muni BQ curve Discount rate Weighted-average coupon

1 month to 15 years A- to BBB- 2% - 5% 4%

Corporate obligations and U.S. Government-sponsored mortgage backed securities

$

35

Discounted cash flow

Risk free rate plus Premium for illiquidity Weighted-average coupon

3 month LIBOR plus 200bps 0%

Impaired loans (collateral dependent)

$

5,653

Collateral based measurements

Discount to reflect current market conditions and ultimate collectability Weighted-average discount by loan balance

0% - 10% (1%)

Other real estate owned

$

194

Appraisals

Discount to reflect current market conditions Weighted-average discount of other real estate owned balance

0% - 37% (37%)

Estimated Fair Values of Financial Instruments

The following table presents estimated fair values of the Corporation's financial instruments and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2020 and 2019.

			2020
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets at December 31:
Cash and cash equivalents			$	192,896					$	192,896					$	—					$	—
Interest-bearing deposits			392,305						392,305						—						—
Investment securities available for sale			1,919,119						—						1,916,640						2,479
Investment securities held to maturity			1,227,668						—						1,260,815						19,478
Loans held for sale			3,966						—						3,966						—
Loans			9,112,526						—						—						9,191,628
Federal Home Loan Bank stock			28,736						—						28,736						—
Interest rate swap asset			74,335						—						74,335						—
Interest receivable			53,948						—						53,948						—
Liabilities at December 31:
Deposits			$	11,361,610					$	10,482,865					$	878,257					$	—
Borrowings:
Federal funds purchased			—						—						—						—
Securities sold under repurchase agreements			177,102						—						177,097						—
Federal Home Loan Bank advances			389,430						—						399,991						—
Subordinated debentures and term loans			118,380						—						108,439						—
Interest rate swap liability			76,353						—						76,353						—
Interest payable			3,287						—						3,287						—

			2019
			Carrying Amount						Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets at December 31:
Cash and cash equivalents			$	177,201					$	177,201					$	—					$	—
Interest-bearing deposits			118,263						118,263						—						—
Investment securities available for sale			1,790,025						—						1,787,132						2,893
Investment securities held to maturity			806,038						—						799,884						27,682
Loans held for sale			9,037						—						9,037						—
Loans			8,379,026						—						—						8,335,340
Federal Home Loan Bank stock			28,736						—						28,736						—
Interest rate swap asset			27,855						—						27,855						—
Interest receivable			48,901						—						48,901						—
Liabilities at December 31:
Deposits			$	9,839,956					$	8,146,745					$	1,675,202					$	—
Borrowings:
Federal funds purchased			55,000						—						55,000						—
Securities sold under repurchase agreements			187,946						—						187,801						—
Federal Home Loan Bank advances			351,072						—						352,581						—
Subordinated debentures and term loans			138,685						—						123,571						—
Interest rate swap liability			29,299						—						29,299						—
Interest payable			6,754						—						6,754						—

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- Definition

Fair Value, Assets And Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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